Solar module manufacturer Rayzon Solar has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise ₹15 billion (~$175 million) through an initial public offering (IPO) of shares.

The company will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.

The DRHP said Axis Bank has approved a loan of ₹3 billion (~$34.98 million) for the cell facility.

Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million). The facility is currently being established and is expected to be operational by FY 2027.

The remaining funds will be utilized for general corporate purposes.

The book-running lead managers will be SBI Capital Markets, Ambit, and IIFL Capital.

Rayzon is also setting up a 2 GW solar module manufacturing facility and an aluminum extrusion and anodizing manufacturing unit with a capacity of 19,800 MT per annum in Sava in Gujarat. The aluminum frame factory is likely to be operational by July 2025.

The company operates two solar module manufacturing facilities, each with a capacity of 3 GW, at Karanj, also in Gujarat, and Sava.

It derives its revenue from the manufacture of bifacial and minifacial solar modules utilizing N-type TOPCon cells and Mono PERC cells. As of December 31, 2024, it earned ₹19.36 billion (~$225.74 million) from the sale of 1.3 GW of solar modules.

As of May 31, 2025, Rayzon Solar has an order book for 3.6 GW of solar modules.

Rayzon has an enlisted capacity of 3 GW under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.

The company was one of the six leading module suppliers in 2024, according to the India Solar Market Leaderboard 2025.

Recently, another solar module manufacturer, Vikram Solar, received approval from the Securities and Exchange Board of India to proceed with its IPO. The IPO will consist of a fresh issue of equity shares worth up to ₹15 billion (~$176.25 million) and an offer for sale of up to 17.45 million equity shares.